Economics B A-Level
Time periods in economics
What Time periods in economics means in Economics B A-Level, as defined for Pearson Edexcel.
Definition of Time periods in economics
Check what you remember
Read the wording for your board, then hide it and explain Time periods in economics in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: Pearson Edexcel
Time is a crucial factor, as demand becomes more price elastic over time when consumers have longer to find substitute products.
Topics that use Time periods in economics
- Price elasticity of demand (PED) (Pearson Edexcel A-Level)
Related terms
- Necessity versus luxury
- Percentage changes
- Price elastic demand
- Price elasticity of demand
- Price inelastic demand
- Pricing strategies
- Substitutability
- Total revenue
Using Time periods in economics in the exam
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